HardRock Coal Mining has secured mining lease approval from the Tasmanian Government for its $50m coal mine in the Fingal Valley, Australia.
Upon completion, the mine is expected to produce over one million tonnes of coal per year worth about $100m.
The mine received Environmental Protection Authority Tasmania in August 2012 and also development approval from the Break O'Day Council in September.
The project is due to receive building approvals through Break O'Day Council.
HardRock is planning to commence surface construction, which is subjected to internal approvals, during first quarter of 2014, followed by underground development works soon after.
HardRock Coal Mining managing director and CEO Astill said, "The project helps develop a new export industry for Tasmania and provides a much needed economic injection for the region."
Tasmanian Energy and Resources Minister Bryan Green said the project will bring new investment and jobs to the Fingal Valley and have good 'flow on benefits' for the North East region and the Tasmanian economy.
"When fully operational the new mine will provide economic benefits worth almost $180m a year to the Tasmanian economy," Green said
"This will translate into a significant number of further new jobs in services, transport and maintenance."
The approval for Fingal Valley coal mine follows recent mine approvals near Smithton and at Tullah.
Image: Tasmanian Energy and Resources Minister Bryan Green. Photo: Courtesy of Tasmanian Government.